Biotech Companies Plan Job Reductions

Neurogen has received $30.6 million from private investors that it says will allow it to advance clinical development programs in insomnia, anxiety, restless legs syndrome, and Parkinson's disease. The company had revealed last month that its auditors had doubts about its continued survival. At the same time, the Branford, Conn., company is cutting its workforce by about 45 people in research and administration. In February, it announced the elimination of about 70 employees. Neurogen employed 149 people at the end of 2007. Separately, Keryx Biopharmaceuticals is cutting its workforce in half to about 25 employees. The New York City-based company recently received a negative outcome in a Phase III clinical trial of Sulonex for the treatment of diabetic nephropathy.